Lloyd’s opens first Nordic office

Lloyd’s, the world’s leading specialist insurance market, today opened its first representative office in Sweden, which will act as the hub for all Nordic operations.

The office, in Stockholm, will be run by Lloyd’s Nordic Representative, Erik Börjesson, who has been building relationships with the regulatory authorities and developing business in the region since his appointment in January 2009. The office was officially opened by the British Ambassador to Sweden, Andrew Mitchell, and Enrico Bertagna, Lloyd’s Regional Manager, Europe.

At the opening, Mr Bertagna said:

“The relationship between Lloyd’s and the Nordic insurance buyers is extremely important. We have reported strong growth in the Nordic region over the past few years, with premium growth up to £350m in 2008. We expect this to increase now that we have a local presence.”

Lloyd’s Nordic Representative, Erik Börjesson, added:

“While the Nordic markets are small by international comparisons, they have demonstrated strong growth, have little volatility and are generally stable. We must make sure that the Lloyd’s market is well placed to capitalise on the opportunities. There is currently a healthy appetite for the region amongst businesses in the market with 18 managing agents seeking to develop their business there.”

The Nordic region as a whole (Norway, Sweden, Finland & Denmark) is Lloyd’s third largest European market, and presents many niche opportunities for profitable diversification of the Lloyd’s market, particularly in energy, aviation and property business.

Lloyd’s also hosted a networking event preceding the office opening, with representatives from the Nordic insurance industry and the Lloyd’s market listening to the latest developments in the region.